Atlantic City-based Revel AC Inc., parent company of Revel Entertainment Group, announced Friday it has amended its first-lien credit agreement, increasing it to $150M. The company will also "explore strategic alternatives."
According to the announcement, the principal amount of the revolving credit facility was increased from $75 million to $100 million. Revel also announced that its board has decided to explore strategic alternatives for the company. During the board's evaluation of possible strategic alternatives, Revel will continue operations under its current business strategy. Revel has retained Moelis & Company LLC as its financial advisor and White & Case LLP as its legal advisor. Revel has not made any decision to pursue any specific strategic transaction or alternative, and there can be no assurance that the exploration of strategic alternatives will result in the consummation of any transaction.
Revel does not intend to comment further regarding its evaluation of strategic alternatives until such time as the Board has determined the outcome of the process or otherwise has deemed that disclosure is appropriate, the company said in a statement.